Green Packet rises to new multi-year high on sustained momentum after KipleLive launch

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KUALA LUMPUR (May 15): Shares in Green Packet Bhd continued to rise to a new multiple-year high in early trade today, gaining as much as 15 sen or 15.46% to RM1.12 — a level last seen in 2010, on investor interest after its launch of the KipleLive proptech application.

At 10.29am, the telecom counter hovered between 98.5 sen and RM1.13, with 37.34 million shares exchanging hands. This valued the company at RM1.05 billion. Year to date, Green Packet has gained 62.32% in value.

Its warrants also soared 9.78% or 4.5 sen to 50.5 sen with 80.16 million units traded, placing the securities among the top gainers on Bursa Malaysia.

Shares of Green Packet dropped to a low of 42 sen on March 23, five days after the Movement Control Order (MCO) was enforced, but has since rebounded on positive investor sentiment towards select sectors including telecommunications and technology.

This is driven by the nationwide work-from-home phenomenon as a result of the MCO, boosting the usage of broadband and related services among working Malaysians.

There are no recent analyst ratings on Green Packet available, according to Bursa’s data.

Green Packet designs and produces wireless broadband devices, user-centred products, applications and services that enable the delivery of valuable digital experiences.

The company has served more than 100 clients in over 70 countries worldwide and has offices in Singapore, Taiwan and China, according to its website.

Last week, the group launched its KipleLive proptech application as part of its “We Are Ready” campaign, which aims to get Malaysian businesses to embrace new norms to cope with the Covid-19 pandemic.

The product integrates the AI facial recognition, cloud hosted services, FR thermal scanner, visitor management system, and cashless smart parking solutions.

Prior to this, Green Packet rolled out the “Warong Digital e-Baazar Ramadan” programme in collaboration with the Coalition of Malay Small Traders Association, which leverages the KiplePay e-wallet that allows cashless transactions.